# Table 5: CCA Dummies as Controls

| Specification | Z₁ | SE | p-val | R² | Dummy coefficients |
|---|---|---|---|---|---|
| Baseline | 50.28*** | 14.47 | 0.0005 | 0.2712 |  |
| + CCA dummy | 58.48*** | 14.42 | 0.0001 | 0.2814 | is_cca=-5.09*** |
| + CCA non-commodity dummy | 61.66*** | 14.20 | 0.0000 | 0.3026 | is_cca_non_commodity=-6.88*** |
| + Transition dummy | 55.18*** | 14.20 | 0.0001 | 0.2974 | is_transition=-4.94*** |
| + CCA + CCA_nc dummies | 61.57*** | 14.18 | 0.0000 | 0.3052 | is_cca=2.76 is_cca_non_commodity=-9.49*** |
| + CCA + Baltic + CEE dummies | 57.31*** | 14.34 | 0.0001 | 0.2966 | is_cca=-5.46*** is_baltic=-4.56* is_cee=-3.45** |
| + All transition dummies | 60.48*** | 14.10 | 0.0000 | 0.3197 | is_cca=2.23 is_cca_non_commodity=-9.28*** is_baltic=-4.49* is_cee=-3.20** |